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Research on the Enterprises Credit Rating Based on the Fuzzy Comprehensive Evaluation

Author: ShiXiuHai
Tutor: XiaoHongSheng
School: Shandong University
Course: Finance
Keywords: enterprises credit rating fuzzy comprehensive evaluation analytic hierarchy process(AHP)
CLC: F270;F224
Type: Master's thesis
Year: 2009
Downloads: 719
Quote: 19
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Abstract

Enterprises credit rating is defined as that the rating agencies make an objective and fair evaluation on the rated enterprises and determine their credit rating based on the use of scientific index system, rigorous analytical methods and the simple symbols.For the investors, assessing an enterprise credit rating fully and accurately will facilitate averting the risk rationally and making the right investment decisions. For the enterprises, it can not only make full use of their credit reputation and gain the favor from the investors, but also build a solid foundation for the further development. Therefore, all the countries attached great importance on the credit rating of enterprises, the foreign commercial banks and the credit rating agencies such as Moody’s Investors Service, Standard & Poor’s Corporation have all established their own evaluation system.Since the 80’s, China began to introduce the enterprises credit rating, after nearly three decades of development, theory and application of credit rating has made significant progress. At present, a lot of external credit rating agencies have emerged in China such as CCXI, Dagong Global Credit Rating Co., Ltd, China Lianhe Credit Rating Co., Ltd and etc. But so far, the method of enterprise credit rating system has not been perfect, its main drawbacks are: (1) The method of the indicator credit rating is rough and ignoring the fuzzy nature of the rating process. (2) Too much emphasis on the evaluation of quantitative indicators, attention on the qualitative indicators is not enough.For the above problem, this paper established the comprehensive credit rating model based on the fuzzy comprehensive evaluation. In order to make the rating system and the index weight more scientific and rational, the model uses analytic hierarchy process (AHP), combined with expert evaluation method. So that, it will make decision-making process more standard and applicable to a combination of qualitative and quantitative ratings issues. After the rating system and the index weight is determined, we make use of the fuzzy comprehensive evaluation method to integrate the various influencing factors and as far as possible to reduce the unfavorable factors such as the randomness, uncertainty, ambiguity and etc. Fuzzy comprehensive evaluation method effectively reduced the restrictions on the rating results such as the subjective element of individual experts, their depth of knowledge and other factors. The rating method based on qualitative analysis carries out the multi-level evaluation mathematically and quantitatively. It can not only consider qualitative and quantitative indicators at the same time, but also make the assessment more scientific, accurate and reasonable. It provides a new way of thinking and method to assess the complexity of multi-level enterprise credit.Finally, the article carries on the empirical test through analyzing the typical model. From the test results, the rating model is practical and effective. It provides reference observations for the gradual improvement of the credit rating system and has a strong practical and guiding role.

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